A magnetic thrust compensator for a mechanical thrust bearing includes a parallel operating axial magnetic bearing including a stator including two parallel stator extensions, a rotor disk situated between the two stator extensions, and first and second electromagnets each situated on a respective stator extension and facing the rotor disk. A controller selectively energizes one of the electromagnets. Additional stator extensions and rotor disks can be used to provide fault tolerance. The electromagnets can each include dual annular windings. The compensator can include an additional stator extension, an additional rotor disk, and bias magnet situated on the additional stator extension and facing the additional rotor disk with the controller being adapted to selectively supply current to the bias magnet. In a closed loop embodiment, the mechanical thrust bearing can be spring mounted and, to determine the appropriate energization level of one of the electromagnets, the controller can determine a magnetic air gap length between the rotor disk and one of the stator extensions.